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22/10/2026 |
October Tax Tips & News
Welcome to the Stephen Hill Mid Kent Tax Tips & News monthly newsletter, bringing you the latest news to keep you one step ahead of the taxman. If you need further assistance just let us know or send us a question for our Question and Answer Section. We’re committed to ensuring none of our clients pay a penny more in tax than is necessary and they receive useful tax and business advice and support throughout the year. Please contact us for advice on your own specific circumstances. We’re here to help!
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| Deferring your state pension will lose your income tax exemption |
| Earlier in the year, the then Chancellor, Rachel Reeves, promised that pensioners who rely solely on the state pension will not pay income tax, but this exemption will not apply to those who defer their state pension. Read More... |
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| HMRC reviewing over 100,000 tax calculations due to system error |
| HMRC is manually reviewing 107,000 tax calculations from the 2025-26 tax year after taxpayers complained that they had been overcharged. The underlying fault has existed for years - first acknowledged in 2021 - and still hasn't been fixed. Read More... |
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| New scheme for those with Loan Charge liabilities |
| HMRC is writing to households with outstanding Loan Charge debts, offering a new Settlement Scheme that can cut liabilities by up to £70k. The scheme aims to reduce most customers' bills, and around one?third may end up paying nothing at all. Read More... |
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| Family heirlooms could reduce your inheritance tax liability |
| Certain family heirlooms, artworks, manuscripts, collections, land, or historic estates can significantly reduce - or even eliminate - inheritance tax (IHT) if they qualify as items of national importance and are kept under specific HMRC schemes. Read More... |
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| October Questions and Answers |
| Q: I'm in a marriage where one of us is not earning and one still is. If we move money between our personal savings accounts, who is treated as earning the interest income to work out the tax?
Read More... |
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| October Key Dates |
| 1st: Corporation Tax payments are due for companies with a year-end of 31st December. Read More... |
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| About Us |
Stephen Hill Mid Kent are a firm of chartered accountants with offices in Maidstone, New Romney and Dymchurch, offering local business owners and individuals a wide range of both general and specialist accountancy services and advice. We pride ourselves on being more than just accountants. Visit our website stephenhillmidkent.co.uk for more information.
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Copyright © 2026 Stephen Hill Mid Kent. All rights reserved.
31-33 Albion Place
Maidstone
Kent
ME14 5DZ
Stephen Hill Mid Kent is a trading name of Stephen Hill Mid Kent Ltd
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